Wagga Tank Drilling Yields 20m at 800g/t Silver, 4g/t Gold, 1.6% Copper
Peel Mining has reported outstanding drilling results from its Wagga Tank project, revealing high-grade silver, copper, and gold mineralisation that extends the known resource and highlights significant exploration potential.
- 11 new drillholes completed in December 2024 totaling 1,920m
- Exceptional intercepts including 20m @ 800g/t Ag, 4.02g/t Au, 1.59% Cu
- All mineralisation styles at Wagga Tank confirmed and extended
- Phase 2 drilling improves understanding of mineralisation geometry
- Follow-up exploration work is planned to expand resource base
Strong Phase 2 Drilling Results at Wagga Tank
Peel Mining Limited has announced further robust drilling results from its polymetallic Wagga Tank project, located approximately 130km south of Cobar in New South Wales. The latest phase of drilling, completed in December 2024, comprised 11 reverse circulation drillholes totaling 1,920 metres. These assays have confirmed the continuity of high-grade silver, copper, and gold mineralisation and extended the scale of known mineralisation at the site.
Among the standout intercepts is drillhole WTRC273, which returned an impressive 20 metres grading 800 grams per tonne (g/t) silver, 4.02 g/t gold, and 1.59% copper from 120 metres depth, including a higher-grade 10-metre section with 1,443 g/t silver and 6.72 g/t gold. Other notable results include WTRC279 with 119 metres at 3.17% copper and 1.49 g/t gold, and WTRC270 intersecting 44 metres of significant zinc and lead mineralisation.
Comprehensive Mineralisation Styles Confirmed
The drilling campaign successfully intersected all known mineralisation styles at Wagga Tank: oxide gold and silver, oxidised supergene copper-gold-silver, sulphide supergene copper-lead-silver-gold, and primary sulphide zinc-lead-copper-silver-gold. This diversity underscores the polymetallic nature of the deposit and its potential to contribute multiple revenue streams.
Technical Director Rob Tyson highlighted that the intercepts predominantly occur at relatively shallow depths and outside the existing mineral resource, indicating strong potential for resource growth within open-pittable depths. The phase 2 drilling has also enhanced Peel Mining’s geological understanding of the deposit’s complex mineralisation geometry, a critical factor for future resource modelling and mine planning.
Context Within the South Cobar Project
The Wagga Tank-Southern Nights deposit forms a key component of Peel Mining’s South Cobar Project, with a combined Indicated-Inferred Resource of 6.83 million tonnes grading 3.92% zinc, 1.52% lead, 0.24% copper, 62 g/t silver, and 0.30 g/t gold as of January 2023. The recent drilling results, particularly the supergene mineralisation associated with weathering processes, suggest significant upside potential beyond the current resource base.
Notably, the final silver assays for drillhole WTRC255 revealed an extraordinary 2 metres at 6,621 g/t silver, 6.45% copper, and 1.54 g/t gold from 112 metres, occurring near the depth of WTRC273’s strong intercept. These spatially separated high-grade zones highlight the deposit’s rich and complex mineralisation.
Next Steps and Market Implications
Peel Mining is actively planning follow-up drilling to further delineate and expand the mineralisation at Wagga Tank. The company’s methodical approach to testing supergene and primary sulphide zones bodes well for upgrading the resource classification and potentially advancing the project towards development.
Given the high grades and polymetallic nature of the deposit, these results are likely to attract investor interest and could positively influence Peel Mining’s market positioning. However, further drilling and resource modelling will be essential to fully assess the economic viability and scale of the deposit.
Bottom Line?
Peel Mining’s latest drilling success at Wagga Tank sets the stage for a potentially transformative resource upgrade, with follow-up work poised to unlock further value.
Questions in the middle?
- How will the new drilling results impact Peel Mining’s updated resource estimates?
- What is the timeline and scope for the planned follow-up drilling campaigns?
- How might these polymetallic intercepts influence Peel Mining’s development strategy and market valuation?